Sui Price Gains 20% – Can It Cross the $5 Mark by Year-End?

Evans Karanja
Updated
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SUI Price Surges 32% To Record High Market Cap, What’s Next?

Highlights

  • Sui price eyes 138% surge to $5, but it faces a couple of obstacles on the way.
  • If bears push the price lower below $1.59, the current bullish thesis may be invalidated.
  • SUI gained 3.8% against BTC, showing the asset outperformed Bitcoin in the recent jump.

During Tuesday’s trading session, SUI’s price surged by 20%, reaching the $2 mark and boosting its market cap to $5.83 billion. This bullish momentum was likely driven by a broader market recovery, with Bitcoin breaking past the $70,000 threshold. With SUI positioned for potential price discovery, crypto analysts are eyeing a $5 target, supported by the third impulse wave in the Elliott Wave theory.

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Why Is Sui Price Up Today?

The price of SUI has increased 7.8% in the last 24 hours, a 16% increase from October 28, when the asset hit a month-low of $1.59. SUI is trading at $1.85 after outperforming BTC, which gained 3.8% against it.

After Soaring 20%, Is Sui Price Ready to Hit $5?
SUI/USDT Price Chart

Sui is rising because of the recent surge in the price of Bitcoin, which saw the number one crypto asset break above $70,000. This much-awaited move has the entire crypto space abuzz with speculation of higher prices, especially as we approach the crypto-centered U.S. elections this coming week.

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Is Sui Ready To Hit $5?

Crypto analyst Decode has forecasted that the next target for SUI price is $5. His prediction is based on the Elliot Wave theory, which suggests that prices move in repetitive wave patterns, which are influenced by changes in investor sentiment.

Sui missed the 2.618 Fibonacci extension zone when it hit a new all-time high and retraced due to profit taking. However, the correction has completed a smaller wave 4 and is ready to embark on the last wave that could propel it to $5.22.

After Soaring 20%, Is Sui Price Ready to Hit $5?

With analysts calling for $300,000 BTC, Sui investors should be prepared to cash out big time, as previous data has shown that the asset tends to outrun Bitcoin.

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Sui Eyes $5 But Must Beat This Obstacles First

Sui is eyeing about 150% gains from its current price of $5. However, the cryptocurrency must overcome certain key obstacles for it to succeed. 

  1. Price action is trending below the 50-day exponential moving average (EMA) which has suppressed the price for the last 1 week.
  2. Despite the 20% jump, the crypto asset is still trading inside a falling channel.

These obstacles could keep the price from attaining the $5 mark. However, the recent jump was accompanied by a huge boost in volume. Coingecko data shows the 24-hour trading volume soared by 134%. This is the highest volume has recorded in the last 2 weeks.

With such volume confirmation, it is possible SUI price could break above the channel and the 50 EMA to test the next major resistance, $2.36. This would market a 28% additional gains from the current price. If the asset breaks its previous ATH, it would be in price discovery and could surge to $5 within a week or two.

After Soaring 20%, Is Sui Price Ready to Hit $5?
Sui Price Analysis Chart

The invalidation thesis for this bullish scenario is if bears push price below $1.59. This would effectively cause a breakdown from the falling channel, changing the outlook from bullish to bearish.

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Frequently Asked Questions (FAQs)

1. Why did Sui price surge by 20% recently?

Sui price surged by 20% primarily due to the bullish momentum in the crypto market, driven by Bitcoin's recent breakout above $70,000. This increase in Bitcoin's price typically boosts investor confidence across the crypto space.

2. What price target has been set for Sui?

Analysts project that Sui could reach $5, based on the Elliott Wave theory. The current analysis suggests it is in the midst of a bullish impulse wave that could push the price to $5.22.

3. How does Sui compare to Bitcoin?

Sui has shown a tendency to outperform Bitcoin, gaining 3.8% against BTC recently. As Bitcoin’s price continues to rise, many analysts believe Sui could benefit significantly from this correlation.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.